Spot Bitcoin ETFs recorded strong inflows on March 13, adding fresh momentum 
to institutional demand as market analysts pointed to key resistance and 
support levels for BTC price. Data shared by Farside Investors shows that U.S. 
spot Bitcoin ETFs attracted…

Spot Bitcoin ETFs amass $180M inflows, will BTC price see a boost?

On-chain analytics firm Glassnode has highlighted how Bitcoin has only seen a 
relatively thin accumulation band form during the recent consolidation range. 
Bitcoin STH CBD Shows Accumulation Remains Thin In a new post on X, Glassnode 
has talked about the latest trend in the Bitcoin Cost Basis Distribution (CBD) 
of the short-term holders. The CBD here refers to an indicator that tells us 
about the amount of supply that was purchased at the various price levels 
visited by BTC in its history. Related Reading: Bitcoin Returns Mirror 
Late-2022 Levels Seen Before 67% Rally: Santiment The CBD of the short-term 
holders (STHs) specifically tracks this for the supply that was purchased 
within the past 155 days. The short time frame means that supply clusters on 
the indicator always thin out over time, whether by coins from them being 
moved at other price levels (thus regaining their cost basis there) or by 
maturing into the long-term holder (LTH) cohort, beyond the 155-day cutoff. 
Now, here is the chart shared by Glassnode that shows how the Bitcoin STH CBD 
has changed over the past year: As displayed in the above graph, the Bitcoin 
STH CBD gained a large supply cluster at the price lows seen back in November, 
indicating that a notable amount of fresh accumulation took place in response 
to the market crash. This dense supply zone then acted as a support cushion 
for the asset, helping stabilize it into a phase of consolidation. Eventually, 
though, the cryptocurrency&#8217;s bearish momentum returned and its price plummeted 
deep under the cluster. This implies that all tokens part of it have gone 
underwater. Besides the strong supply zone at the range&#8217;s lower end, the 
consolidation phase from November-January also resulted in some higher levels 
being filled out with supply. This accumulation wasn&#8217;t quite as strong as at 
the lows, but it still nonetheless showed that coins were actively changing 
hands. Recently, Bitcoin has stabilized into another phase of sideways 
movement, but from the chart, it&#8217;s apparent that this time there has neither 
been a strong dip buying response, nor a buildup of a significant supply 
cluster as the consolidation has gone on. That said, buying hasn&#8217;t been 
completely absent, with some supply starting to find cost basis inside the 
zone. &#8220;An accumulation cluster is forming in the $62k–$72k range,&#8221; noted 
Glassnode. &#8220;However, its intensity is modest relative to prior phases that 
preceded sustained expansions.&#8221; Related Reading: Bitcoin Recovery Requires STH 
Profitability Above 50%: Glassnode It now remains to be seen how the supply 
range will develop in the near future. For now, the foundation provided by it 
remains thin for a mid-term breakout, according to the analytics firm. BTC 
Price At the time of writing, Bitcoin is trading around $71,100, up nearly 5% 
over the past week. Featured image from Dall-E, chart from TradingView.com

Bitcoin Foundation For A Mid-Term Breakout Remains Thin, Cost Basis Data Shows

USDC’s market cap is approaching a record $80 billion, with one analyst 
linking the surge to capital flight and turmoil in Dubai’s real estate market.

USDC market cap nears record $80B amid ‘capital flight’ in UAE: Analyst

BlackRock digital assets head Robert Mitchnick said Bitcoin and Ethereum 
remain the only two cryptocurrencies attracting meaningful investor demand. 
This comes as the asset manager evaluates future ETF products. Speaking on 
CNBC following the launch of BlackRock&#8217;s ETHB staked ether…

BlackRock says most investors only want Bitcoin and Ethereum as new ETF launches

Decentralized exchange (DEX) Hyperliquid (HYPE) is experiencing a notable 
surge in its key metrics, positioning itself as a preferred trading platform 
amid rising tensions in Iran. This increased activity has propelled HYPE to 
outperform the market’s leading cryptocurrencies, boasting a major 23% gain 
over the past week. However, market analyst Ali Martinez has indicated that 
HYPE investors may soon encounter a new buying opportunity. New Sell Signal 
For Hyperliquid The analyst highlighted that on March 8, the TD Sequential had 
signaled a buying opportunity for HYPE, which was subsequently confirmed as 
the token experienced a price increase of 28.23%, rising from approximately 
$30 to a high near $38.53. However, as of March 13, the same indicator is now 
flashing a sell signal, prompting Martinez to caution that increasing selling 
pressure could lead to a short-term retracement to around $34. Related 
Reading: Hyperliquid (HYPE) Under The Lens: These 3 Metrics Point To Severe 
Undervaluation Currently trading at $36.37, this would represent a decline of 
approximately 6.5%, in addition to a recent 2.5% pullback observed over the 
last 24 hours, according to CoinGecko data. For Martinez, this potential 
pullback may serve as a strategic buying opportunity before the expected 
upward momentum resumes. Ambitious Projections For HYPE Adding to the 
altcoin’s bullish outlook, research firm DCo released a new valuation 
framework for HYPE. They modeled four scenarios based on the potential market 
capture of the $1.74 trillion daily Total Addressable Market (TAM) that 
Hyperliquid could attain through its HIP-3 protocol. Utilizing a three-year 
discounted cash flow (DCF) framework, each scenario assumes a gradual capture 
rate: 20% in Year 1 (2026), 50% in Year 2 (2027), and 100% by Year 3 (2028), 
reflecting the gradual process of building market share. In a bear case 
scenario, where Hyperliquid captures just 0.01% of the market, HIP-3 could 
generate $32 million in annual fees at full ramp-up based on the conversion- 
adjusted TAM. When combined with baseline revenue projected at $1.35 billion 
and considering the terminal value from Year 3 total revenue, the DCF results 
in an estimated enterprise value of approximately $18 billion, which could 
result in HYPE reaching a new record of $60 per token. Under the base case of 
0.10% market capture, Year 3 revenue from HIP-3 would climb to roughly $322 
million, resulting in a total revenue of about $1.7 billion and an enterprise 
value nearing $22 billion. This would imply a token price around $72. $190 In 
Most Optimistic Case In the bullish scenario, with a 0.50% capture, the Year 3 
HIP-3 fees would reach $1.6 billion, contributing to a total revenue of $3.0 
billion. This would yield an enterprise value of $38 billion, corresponding to 
an implied price of about $124, representing a fully diluted valuation of 
around $124 billion. The most optimistic case, positioned at a 1.00% capture, 
projects total Year 3 revenue of $4.6 billion, with an enterprise value of $59 
billion and HYPE potentially valued at $190. Related Reading: Bitcoin 
Historically Surges 54% On Average Post-US Midterm Elections, Binance DCo&#8217;s 
analysis reveals that, even at a default 20% discount and 20x multiple, the 
current price of $37 is considerably lower than the bear case valuation of 
$60. This suggests that the market has not fully appreciated the potential 
contributions from HIP-3 and is undervaluing the inherent value of 
Hyperliquid&#8217;s crypto exchange business. Featured image from OpenArt, chart 
from TradingView.com

Cryptocurrency price in KWD